Below-Market Rate Homes at Marina Shores

Hello Housing is pleased to be managing the sale of 16 Below-Market-Rate (BMR) homes on behalf of the developer, Lennar. The first six homes available for sale are single-family homes, four of which are 4-bedroom and two of which are 5-bedroom homes. The sales price is $383,011 for the 4-bedroom homes and $413,892 for the 5-bedroom homes. These prices were set to be affordable to moderate-income households. Income limits apply (see Income Limits table). Each home will have recorded resale restrictions to ensure these homes remain affordable for future generations. Eligible households must have at least one person per bedroom, so a minimum of four people. Households must have at least a 3% down payment and be able to qualify for a 30-year, fixed rate mortgage.

THE PRE-APPLICATION PERIOD IS NOW CLOSED

The lottery will be held on February 18th. The results will be emailed to all eligible pre-applicants with an assigned lottery number within 48 hours. The results will also be posted to this webpage. To be informed of future BMR opportunities being sold through Hello Housing, please register on our Stay Connected list by clicking the orange button to the right.

Preference Points

Applicants can qualify for up to three preference points. The higher the number of preference points, the better your ranking will be on the waitlist. Applicants will receive 1 point each for the following criteria:

At least one household member currently lives or works in Alameda

All adult household members have not had ownership of a home in the previous three years

The total size of current household is 5 or more

To qualify for the “Live or Work” preference point:

A member of the household must work a minimum of 20 hours per week for a business within the corporate city limits for an employer who has a City of Alameda business license; or

Households whose income is based on retirement or disability income must be able to provide documentation showing that this income is based on previous employment within the city limits to receive this preference point; or

A household must have a primary residence (residential dwelling unit) within the city limits.

PLEASE NOTE that employees who are employed as contract or temporary employees are not eligible for this preference point unless they have a primary residence within the incorporated city limits.

Income Limits (subject to change March 2016)

Household Size

Income Limit at 120% AMI

1 person

Not eligible

2 people

Not eligible

3 people

Not eligible

4 people

$112,200

5 people

$121,200

6 people

$130,150

7 people

$139,150

Lottery Results

The Application Process

Buying a home, especially in the Bay Area, is an emotional journey. And because of the scarcity of affordable homes for sale, the competition to buy an affordable home in today’s market can be tremendous. Our goal is to create a qualification process that meets the Alameda Housing Authority’s program requirements AND is respectful of your time. With this in mind, we have broken the application process down into a few key steps.